Trader Cryptox Review – Is it a Scam Broker?

Trader Cryptox Review

Cryptocurrencies have become the talk of town in the last couple of years, as their market capitalization has exceeded $2 trillion. Even though the crypto space is highly volatile, there are a lot of profit-making opportunities available and this has got everyone clamoring to join the bandwagon. Like other financial markets, traders have to find a broker to access this one as well. Hundreds of crypto brokerages have been launched in the last decade, but not all offer the same services or quality. This Trader Cryptox review shows just how bad it can get if you don’t find the right broker.

The fact that every brokerage you search for promises you an optimal and profitable trading experience should not come as a surprise. You cannot expect a business to tout its own flaws, or cybercriminals to disclose their true nature. They will do what they do best; try to fool you in order to get their hands on your money and your information. Since the crypto market is unregulated, it has become rife with scams and posing as a fraudulent brokerage is a favorite tactic because it is so successful. It means you have to be extra cautious when choosing a brokerage because it can also be a scam.

It is not possible for you to check every single broker because there are just so many and they continue to increase, but you can check the ones that seem to be potentially good options. It can help you make the smart choice for your trading success. According to Trader Cryptox, their aim is to make crypto trading easy for their clients, due to which they are offering 60 crypto pairs to their clients. These come with a leverage of 1:400 and lightning fast execution. They also promise the award-winning MT4 trading platform to the users.

This sounds like the ultimate trading package for every trader and you want to sign up with Trader Cryptox right away. But, as mentioned earlier, you have to be cautious because this is how scams work. They offer you everything you could possibly need and once you fall for it, they leave you high and dry. As it turns out, Trader Cryptox is no different because it is not what it purports to be. You can find the holes in its offerings below:

Anonymous website

When you want to sign up with a broker, your first priority should be to get to know them. This means getting some corporate background because you want to know who you are dealing with. After all, you want to be able to get in touch with them in case there is a problem. Anonymous platforms cannot be trusted because the internet is known for scams and your money is at stake here. Unfortunately, you will find that Trader Cryptox is also an anonymous website and nothing more.

You can go through the entire presentation on the Trader Cryptox website and they have given no information about the company that owns and operates the platform. There is no corporate background given and you cannot even find a physical address, or even a phone number. This means that you have absolutely no idea where they are based and cannot even contact them. Only an email address is provided, which does not help much.

Most importantly, a crucial piece of information is missing on the Trader Cryptox website and that is about their licensing and regulatory status.

No license

As mentioned above, there is no information given about the company behind Trader Cryptox and they have not given any address either, which means you cannot find out if the brokerage is regulated or not. You do not know who you are dealing with and you cannot check the register of any regulatory authority in the jurisdiction the broker is in because they have not provided any information about their location.

Malicious apps on their website

Another problem that you will spot on the Trader Cryptox website are the icons of Any Desk. This is a remote desktop application app, quite similar to Team Viewer. The purpose of the app is to give users’ access to their desktop PCs, regardless of where they are. Even if you are in a different country, you can access your desktop via these apps, as long as you have an internet connection and this can be quite convenient.

The problem is that Trader Cryptox is offering you this app for downloading and they will ask you to provide installation details. Doing so will give them full access to your PC contents, which means your passwords can be compromised and they can steal money directly from your bank account. It is a common tactic used by scam brokers in the market.

No Terms and Conditions

A clear sign that you are not dealing with an authentic brokerage is the fact that Trader Cryptox don’t seem to have any Terms and Conditions on their website. This legal documentation is of the utmost importance because it dictates the kind of relationship you will have with the broker. It is meant to outline the fees and the policies that will be implemented. But, you can go through their website and find no such document at all. This means when you sign up for an account, you basically agree with something you have never read, allowing the brokerage to exploit you.

No trading platform

Last, but definitely not the least, it seems that Trader Cryptox does not have a trading platform. In their presentation, the brokerage claims to offer you the MT4, which is recognized as one of the top trading platforms in the market. But, when you actually look for a platform, you will find a funny looking dashboard that only creates an illusion of a platform. It is not functional and is only meant to be a ruse and nothing more.

Conclusion

Lack of regulation, no trading platform and absence of legal documentation all confirm that Trader Cryptox is a scam.